dismal economic report drawing sharp grism mitt romney. >> last quarter our economy grew 2%. slow economy growth means slow job growth and take home pay. that's what four years of president obama's economic policies have produced. americans are ready for change, for growth, for jobs, for more take home pay and we are going to bring it to them. >> how could these latest economic reports effect president obama's' re-election efforts. jing us is john tamny. good morning. >> good morning. >> the president argues that 2% g.d.p. is better than 1.3. it's going in the right direction. of course, that doesn't tell the whole sorry. what more do voters need to know. >> what they need to know is government spending on its own is an economic retardant. it actually retracts from economic growth. when you calculate g.d.p., it adds to it. so if you look at president obama's term in office, if you strip out government spending, there really hasn't been economic growth if you look through the history. the electorate usually turn out of offices presidents whose economic plans have failed like this one have.